REAL ESTATE TAX REFORM – The real estate tax reform amendment goes before voters in January. The amendment does two things to jumpstart the state’s sluggish home sales market: It provides substantial tax breaks for most first-time homebuyers, and it begins to address the “locked-in” effect felt by long-term homeowners who cannot afford to move – even to downsize – because they would be forced to pay substantially higher property taxes. But it also protects long-time homeowners by giving them the option to keep their Save Our Homes protection.
State accountants updated property tax numbers Thursday and the proposed savings under the recently-passed property tax reform legislation changed for some counties and cities. In the Naples real estate market property owners will realize a 9 percent savings. Lee County will see a 7 percent savings. Specifically, the Bonita Springs real estate market will realize a 3 percent savings.
FLORIDA ECONOMY – The economic slowdown in Florida may last a little longer and the slump may be a little worse than earlier projections, state government economists said yesterday – but no recession looms.
HURRICANE MITIGATION – Storm shutters on windows do little to protect a home from hurricane damages if the roof blows off, but the state program to help homeowners bolster their defenses, My Safe Florida Home, has stopped subsidizing most roof retrofits.
MORTGAGE RATES – As financial markets reacted to stronger economic news this week, rates on 30-year mortgages rose to an average of 6.73 percent, the second-highest level of the year, according to Freddie Mac’s weekly nationwide survey.
SUBPRIME LOANS – U.S. House Republicans introduced a bill yesterday to protect borrowers from abusive lending practices – the second major piece of legislation introduced in Congress on the issue this year. The measure would require mortgage lenders to be licensed and proposes a national registration system for lenders, among other provisions.
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